HB Wealth Management LLC Invests $203,000 in ESAB Corporation $ESAB

HB Wealth Management LLC acquired a new position in shares of ESAB Corporation (NYSE:ESAB) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,687 shares of the company’s stock, valued at approximately $203,000.

Other large investors also recently modified their holdings of the company. Bessemer Group Inc. increased its position in shares of ESAB by 3.5% during the first quarter. Bessemer Group Inc. now owns 14,844 shares of the company’s stock worth $1,729,000 after buying an additional 506 shares during the period. GAMMA Investing LLC increased its position in shares of ESAB by 37.7% during the first quarter. GAMMA Investing LLC now owns 756 shares of the company’s stock worth $88,000 after buying an additional 207 shares during the period. LPL Financial LLC increased its position in shares of ESAB by 38.3% during the first quarter. LPL Financial LLC now owns 61,466 shares of the company’s stock worth $7,161,000 after buying an additional 17,027 shares during the period. Janney Montgomery Scott LLC acquired a new stake in shares of ESAB during the first quarter worth $590,000. Finally, Cetera Investment Advisers increased its position in shares of ESAB by 57.2% during the first quarter. Cetera Investment Advisers now owns 23,666 shares of the company’s stock worth $2,757,000 after buying an additional 8,610 shares during the period. 91.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Oppenheimer reduced their price target on shares of ESAB from $144.00 to $142.00 and set an “outperform” rating for the company in a report on Thursday, August 7th. Loop Capital upgraded shares of ESAB from a “hold” rating to a “buy” rating and raised their price target for the stock from $130.00 to $140.00 in a report on Friday, August 22nd. Wall Street Zen upgraded shares of ESAB from a “hold” rating to a “buy” rating in a report on Saturday. JPMorgan Chase & Co. reduced their price target on shares of ESAB from $137.00 to $125.00 and set an “overweight” rating for the company in a report on Thursday, August 7th. Finally, Stifel Nicolaus upgraded shares of ESAB from a “hold” rating to a “buy” rating and set a $141.00 price target for the company in a report on Thursday, August 7th. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $141.44.

ESAB Stock Down 1.0%

ESAB opened at $117.43 on Wednesday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.95 and a quick ratio of 1.26. The company’s 50-day moving average is $114.85 and its 200 day moving average is $119.59. ESAB Corporation has a fifty-two week low of $100.17 and a fifty-two week high of $135.97. The firm has a market capitalization of $7.13 billion, a P/E ratio of 28.09, a PEG ratio of 2.61 and a beta of 1.23.

ESAB (NYSE:ESAB) last released its quarterly earnings results on Wednesday, August 6th. The company reported $1.36 earnings per share for the quarter, beating analysts’ consensus estimates of $1.34 by $0.02. ESAB had a net margin of 9.36% and a return on equity of 16.32%. The company had revenue of $715.59 million for the quarter, compared to analyst estimates of $670.80 million. During the same period last year, the firm earned $1.32 earnings per share. The firm’s revenue was up 1.3% on a year-over-year basis. Research analysts expect that ESAB Corporation will post 5.16 earnings per share for the current fiscal year.

ESAB Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 17th. Investors of record on Friday, October 3rd will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Friday, October 3rd. ESAB’s dividend payout ratio (DPR) is presently 9.57%.

Insider Transactions at ESAB

In related news, Director Rhonda L. Jordan sold 4,067 shares of the firm’s stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $113.05, for a total transaction of $459,774.35. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Olivier Biebuyck sold 1,440 shares of the firm’s stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $133.49, for a total transaction of $192,225.60. Following the transaction, the insider directly owned 14,989 shares in the company, valued at $2,000,881.61. The trade was a 8.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. 7.30% of the stock is owned by company insiders.

ESAB Company Profile

ESAB Corporation engages in the formulation, development, manufacture, and supply of consumable products and equipment for use in cutting, joining, automated welding, and gas control equipment. Its comprehensive range of welding consumables includes electrodes, cored and solid wires, and fluxes using a range of specialty and other materials; and cutting consumables comprising electrodes, nozzles, shields, and tips.